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Top 25 Overlooked Tax Deductions
from: Chris Spewock
You wouldn’t believe the number of deductions that are overlooked each year, by taxpayers just like you. That’s right; these money-saving deductions are missed by countless income earners every tax season. Read on and arm yourself to take full advantage of these deductions and get back what you deserve:
1. Student loan interest
2. Self-employment tax paid (50% is deductible)
3. Health insurance premiums for some self-employed persons
4. Penalty on early withdrawal of savings
5. Alimony paid (not including child support)
6. Medical transportation costs
7. Nursing home medical care expenses
8. Certain medical aids
9. Hearing aids, eye glasses, and contact lenses
10. Some hospital fees
11. Medical equipment for disabled or handicapped individuals
12. Certain life-care fees paid to retirement home
13. Alcohol, drug abuse treatment, and certain stop-smoking treatment costs
14. Special school costs for mentally or physically handicapped individuals
15. Nursing service costs
16. Prior year State income taxes
17. Estimated state taxes for the last quarter of the year
18. Personal property taxes on cars, boats, etc.
19. Taxes paid to a foreign government
20. Mandatory contributions to state disability funds
21. Points paid on mortgage or refinancing
22. Property donated to a recognized charity
23. Cash contributions to a recognized charity
24. Mileage costs for charitable activities
25. Qualified casualty and theft losses
Note: Not every item will be applicable to your situation.
For further advice on taking advantage of these as well as other deductions, contact a local tax preparation service like Jackson Hewitt. Also, follow these links to other interesting topics that can help you save on taxes and keep more money in your pocket: Tax Tips and Tax Help.
Capital Gains Tax News
Vodafone to move to SC over tax matter with IT dept - Economic Times
MUMBAI: Vodafone will challenge the verdict of the Bombay High Court which dismissed the petition filed by the UK telecom firm contesting Income Tax Department’s show-cause notice for capital gains tax to the tune of $2 billion arising out of its ...
Read more...Some year-end strategies to cut your tax bill - WTVF
"Years like this offer the greatest opportunity to offset current or future capital gains or other income," says Josh Willard, senior vice president of the Coghlan Financial Group in San Diego. You must first use your capital losses to offset any ...
Read more...Vodafone faces $2 billion Indian tax bill - Times Online
An Indian court has given the country's taxman the green light to pursue Vodafone, the world's largest mobile operator, for an estimated $2 billion (£1.35 billion) in capital gains tax. The ruling makes it likely that hundreds of other overseas ...
Read more...Tax case calls strategy into question - Financial Times
Vodafone on Wednesday put a brave face on its setback in the Indian High Court relating to a potential $2bn in tax liabilities from its £11bn ($16bn) acquisition of Hutchison Essar. Even though it lost the first round of the case in the High Court ...
Read more...Vodafone to appeal against India tax ruling - Financial Times
The Mumbai High Court on Wednesday dismissed a challenge by Vodafone against a $2bn tax case in a blow to the UK group and a potential setback for other companies looking to make investments in India. Vodafone had challenged whether Indian tax ...
Read more...UPDATE 2-Vodafone loses India tax case, to appeal - Forbes
MUMBAI, Dec 3 (Reuters) - An Indian court on Wednesday dismissed a petition against a $2 billion tax bill relating to Vodafone Plc's purchase of a mobile phone operation in India in 2007, but the British firm said it plans to appeal. 'Vodafone, based ...
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